Noront Enters Into US$15M Loan Facility with Resource Capital Fund V

Noront Resources Ltd (TSXV:NOT) announced that it has already entered into a US$15,000,000 loan facility with Resource Capital Fund V L.P. to fund its palladium project and other developments.

As quoted in the press release:

The Facility will bear interest at 10% per annum during the Bridge Loan period and at 8% per annum during the Convertible Loan period. Interest will be paid quarterly, in arrears, in common shares of the Company based on the volume weighted average trading price of the Company’s common shares during the 20 days prior to the date of each interest period determination, or at RCF’s option, in cash.

Click here to read the full Noront Resources Ltd (TSXV:NOT) press release.